2023 continues to be the year that all of the cards are seemingly lining up for Bitcoin to do something special in the short term. It isn’t a question of if the price will go up, instead, it’s only a question of how much.
Let’s take a trip back to the beginning of the year. Bitcoin was in a dark place. It was just coming off of the FTX fraud, and its price had fallen to $15k. The enthusiasm in the market had disappeared, and even financial experts were declaring that perhaps the death blow had finally been dealt to Bitcoin. But as soon as this began to be discussed, the banking crisis around the US took place. Banks were going under, and even freezing customer funds. That was the moment when people finally understood the real value of Bitcoin, and the price reacted; soaring up to $31k.
There were a few months of quiet, and the price began to sink again. But then came the largest news in years for Bitcoin. BlackRock, the largest asset manager in the world, announced that they were filing for a spot Bitcoin ETF. If anyone had a chance to have the mythical Bitcoin spot ETF approved, it would be BlackRock. This was always thought to be the catalyst that would eventually send the price of Bitcoin to $100k and beyond.
Naturally, there was another month where next to nothing happened. But then XRP/Ripple won their lawsuit against the SEC. While this technically doesn’t involve Bitcoin, it still has everything to do with it. With XRP being declared that it’s not a security. It gave a huge boost of confidence to the entire market. Something that we have only begun to see the effects of.
Keeping with the trends this year, then came another month with no news. However, suddenly this week another juggernaut breaking news story came out. It was announced that Grayscale won their case against the SEC. If you are unaware, Grayscale has the largest Bitcoin trust and attempted to file for a Bitcoin spot ETF. However, the SEC quickly rejected their request. Grayscale believing that they were right, decided that instead of giving up, they would take on the SEC.
About a month ago there didn’t seem like there was much on the near-term horizon for Bitcoin that would be bullish enough to propel the price upwards. There were only two things. The first was a decision on the BlackRock ETF application, and the second was a decision on the Grayscale ETF. As you already know, we just learned that Grayscale won its case, and this is going to have huge ramifications from here on out for Bitcoin.
At the beginning of this year, the SEC seemingly made Bitcoin and the cryptocurrency market enemy #1. There are rumors that Senator Warren gave orders to try to kill this industry. However, as the months go by; the SEC is beginning to lose case after case. And this also means that their position against crypto is beginning to weaken. Precedent is everything in the court of law, and the crypto market is beginning to grow a strong precedent base.
Now all eyes will be turning toward the SEC. The rumor is that Gary Gensler is on the hot seat and is feeling extreme pressure from people far above him. He might be willing to throw the cryptocurrency market a bone by approving spot Bitcoin ETFs and trying to claim it as a win for him. Because of him, they were finally able to get everything they needed from the applicants in order to approve an ETF. That he “cleaned up” the regulation side of Bitcoin. When we all know that he was part of the problem.
Everything is coming together perfectly. Step by step it is becoming clearer that the spot ETF being approved is a near certainty. Then the next Bitcoin halving is soon approaching next year. All of these things combined will ignite the next bull market.
The next 18 months are going to be extremely exciting to watch in the Bitcoin and crypto market. Those who have been preparing accordingly will be able to change their lives forever.
How about you? What do you see as the next big catalyst for Bitcoin
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